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A fourplex is a property that is considered a multi-family home that contains four apartments. They typically have two apartments on top of another two units. They are similar to condos but in a medium-sized building.
Fourplexes are common in Phoenix, and there are several properties on the market at all times. Multi-family properties are a more affordable housing option for Phoenix families and an excellent option for real estate investors. Interested buyers can either purchase one unit in a fourplex, or they can purchase all four. Prices range from $230,000 to over $1.1 million.
Phoenix is home to various property types, and with a large population, affordable housing is a popular option for many people. Most of the major communities have fourplexes available on the market. Some of the most popular include South Mountain Village, Alhambra, Downtown Phoenix, and central city. If interested buyers are set on a specific community, they’ll likely be able to find a fourplex in the area.
There are several reasons why someone would choose to purchase a fourplex. A few of them include investment income, a home for extended family, and amenities. For those who are looking for a great investment property, fourplexes offer an excellent solution. If you want to live in one of the units and rent out the other three, investors typically come out ahead with the extra income, even though the cost of owning the property is higher than a single-family home or condo. If you choose to rent out all four units, it’s a great addition to any investment portfolio. For those who have larger families, or support their aging parents, choosing a fourplex is ideal to be close to each other while still having private units. There are plenty of situations where buying a fourplex is ideal. It boils down to individual preferences and circumstances.
A fourplex is an excellent investment for those looking for multiple properties for their families or as an investment opportunity. However, you likely won’t have the cash on hand to purchase the fourplex outright. Financing a fourplex requires some research and working with professionals who know about the available loan programs and the details behind them. Depending on which lender you work with, most will classify a fourplex as a residential property, but some may consider it a commercial property, depending on the specifics. There is a lot more to know about financing a multi-family property versus a condo or single-family home, but there are plenty of perks to take advantage of. If you choose to reside in one of the four units, you’ll likely qualify for an owner-occupant mortgage, which is a better option than a traditional mortgage. If you plan on renting out all four units, you will be required to get a conventional mortgage. These two mortgages differ by downpayment amounts and interest rates, so it’s important to know what you qualify for. There are a few different options for loans when it comes to financing your new fourplex.
The first option is a VA loan or Veterans Affairs loan. Veterans Affairs loans are designed for the current or former members of the U.S. Military, and they offer significant benefits. If you choose to purchase a fourplex and live in one unit, you won’t need a downpayment or excellent credit score in order to qualify for a VA loan. You also won’t be required to have private mortgage insurance.
The second option is an FHA loan. FHA is the Federal Housing Administration. Their loans offer plenty of benefits to those who are choosing to live in one of the fourplex units. The requirements aren’t as stringent as other lenders. The downpayment requirements are smaller, and on average, the interest rates are lower.
The third option is a conventional bank mortgage. A traditional mortgage is for those who plan on renting out all four units of the fourplex. It requires a larger downpayment, an excellent credit score, and other strict requirements. Since the loan is given for a riskier property, the bank wants to protect itself. As investment buyers, you are able to use the income from the properties to qualify for the loan.
There are plenty of little details to know about purchasing a Pheonix fourplex when it comes to financing and finding the best home for you. Choosing the best companies to work with can be an easy choice.
GetMultiFamily.com is the optimal choice when looking to buy or sell your Phoenix fourplex. We are a team of experts and professionals who strive to create our clients’ best customer experience. We have several happy customers who recommend us to everyone they know, and we’re always appreciative of every new client. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. When it comes to your next fourplex sale or purchase, we will always recommend The Cap Core Real Estate Group before anyone else. Patrick O’Sullivan leads this incredible group of professionals. His impressive experience as the real estate advisor for U-Haul and accolades like Agent of the Year and the CCMI (Certified Commercial Investment Member) designation make Patrick someone you want on your side throughout the home buying or selling process. All our clients are in the best hands with the Cap Core Real Estate team, and they have all the resources to create the best home buying experience for you.
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